FRDI Bill Meant to Protect Depositors' Interests, Says Government

According to the Ministry of Finance, the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) which is presently under the consideration of the Joint Committee of Parliament provides additional level of protections for depositors than other legislations.

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New Delhi: The government on Thursday called the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) as depositor friendly which envisages to protect their interests.

According to the Ministry of Finance, the FRDI Bill which is presently under the consideration of the Joint Committee of Parliament provides additional level of protections for depositors than other legislations.

"The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. They provide rather additional protections to the depositors in a more transparent manner," the ministry said in a statement.

"The FRDI Bill is far more depositor friendly than many other jurisdictions, which provide for statutory bail-in, where consent of creditors or depositors is not required for bail-in."